Blockchain
Tenet, the pioneering layer-1 blockchain focused on building a DeFi ecosystem for Liquid Staking Derivatives (LSDs), has partnered with leading blockchain infrastructure provider Ankr. The partnership aims to promote the widespread adoption of LSDs across all blockchains, including those that do not currently have derivative solutions for liquid staking.
Leveraging Ankr’s robust infrastructure capabilities and Tenet’s innovative approach to LSDs, the collaboration seeks to unlock new opportunities and expand the reach of liquid staking derivatives, extending their benefits to a wider range of blockchain networks. brought.
Under this partnership, Tenet will benefit from discounted pricing on Ankr’s LSD integration services, which provide a seamless liquid staking setup for blockchain assets. In addition, Tenet will support its partners by covering part of the integration costs, subject to the commitment of a specific amount of LSD assets to Tenet’s network by the new blockchains.
Safer and cheaper LSD integration services
As of today, Proof of Stake networks are prominent in the blockchain industry and comprise a significant portion of alternative layer-one chains and application-specific blockchains, commonly known as “appchains”. These networks typically have their own staking tokens and staking plays a vital role in protecting the network from economic attacks.
However, the emergence of DeFi applications generating alternative revenue sources poses a challenge to network security. To address this problem, the adoption of liquid staking derivatives offers an effective solution. These derivatives enable the use of staked assets within the DeFi ecosystem, effectively solving the conundrum and strengthening the security of the network as it expands. While LSD liquidity mainly comes from Lido, smaller blockchains often experience delays in their integration.
Ankr rises to this challenge by offering a versatile white-label system that enables rapid implementation of customized LSD solutions for any project. By partnering with Tenet, projects can take advantage of the combined benefits of cost-effective LSD integration services and access to the Tenet layer-1 LSD ecosystem. This ecosystem allows users to maximize their asset returns by participating in various DeFi protocols available on the network.
In return, Tenet partners must assign a specific value of LSD assets to Tenet Validators, which improves the security framework of the platform. Leveraging the synergy between Tenet and Ankr, the partnership aims to foster greater inclusiveness and efficiency in the liquid staking landscape, enabling a wider range of blockchains to unlock the benefits of LSDs.
Tenet offers a breakthrough model called Diversified Proof of Stake (DiPoS), which differentiates it from traditional single-token Proof of Stake mechanisms. DiPoS allows staking with a wide variety of LSD assets from different chains, including but not limited to ETH, BNB, ATOM, SOL, and ADA. This innovative approach ensures that Tenet’s security is enhanced by partial support of all supported networks.
Efficient and reliable RPC services and infrastructure
Under the partnership, Tenet will leverage Ankr’s robust RPC services, ensuring efficient and reliable communication between network nodes. In addition, both companies will explore other synergistic integrations that improve the network’s overall infrastructure. In a joint effort to promote adoption and promotion of liquid staking, Tenet and Ankr will host a special side event, the Liquid Staking Conference, at EthCC in Paris in July 2023.
This conference is designed to bring together industry experts, enthusiasts and stakeholders to discuss the latest developments and opportunities in liquid staking. Excitingly, Tenet is currently live on testnet, a major milestone in its journey. The network is preparing for the highly anticipated launch of its Mainnet and token generation event, scheduled for May 25. This milestone event will officially introduce Tenet’s token and further drive the network’s growth and adoption.
Greg Gopman, CEO of Tenet and former CMO of Ankr, said, “We are on a mission to bring LSDs to all top Layer-1 blockchains and make Tenet the de facto place where they can safely earn yield and utility. During my time at Ankr, I was inspired by all the great LSD products the company launched, but disappointed by their ultimate lack of use. With Tenet we want to change that.”
Unlocking DeFi capabilities through LSDs
Tenet, a DeFi-focused Layer-1 ecosystem, will revolutionize the liquid staking derivatives (LSDs) market led by co-founders Greg Gopman and Dan Peterson, former head of revenue operations at Blockdaemon. With the LSD market currently valued at over $17 billion, Tenet aims to tap into its vast potential by providing stakeholders with liquidity and revenue opportunities.
Tenet differs from traditional approaches and employs a unique strategy known as Diversified Proof of Stake (DPoS). Through DPoS, Tenet allows LSDs to stake their assets on the network, earning attractive returns and actively participating in the governance of the platform. This shared security model enhances the overall security and integrity of the ecosystem.
Ankr is at the forefront of Web3 innovation, providing an all-in-one portal that supports the growing needs of the ecosystem. With a robust suite of offerings including multi-chain API connections, dApp development tools and crypto staking solutions, Ankr is dedicated to driving the growth and accessibility of Web3 technologies. One of Ankr’s groundbreaking achievements is pioneering liquid staking, revolutionizing the way proof-of-stake chains are validated.
Leveraging its industry-leading node delegation system and robust security measures, Ankr enables seamless and secure staking across multiple chains. As a testament to Ankr’s success, Ankr currently has a Total Value Locked of over $500 million, making them the third largest Ethereum staker in the industry.
Ankr’s influence extends beyond Ethereum as they serve as the go-to staking infrastructure provider for prominent ecosystems such as the BNB Smart Chain and Polygon. With its global node infrastructure supporting over 30 blockchains, Ankr enables developers, enterprises and users to unlock the full potential of Web3 applications and services.
